Page 2064 - Week 07 - Thursday, 4 June 2015
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more than previously estimated—equal to around $US5.3 trillion globally or about 6.5 per cent of total global output. Of that total cost, the coal subsidy this year alone will amount to $US3.15 trillion, with global warming costs put at $US750 billion and local air pollution costs at $US2.37 trillion.
These findings highlight some of the global challenges before us. Post 2020 emissions reduction targets are to be pledged by nations around the world at this year’s international negotiations on climate change in Paris in December. This is critical to placing the world on a sustainable trajectory to a low carbon economy. That level of international ambition will impact locally, including here in the ACT. As a city we can be extremely proud about our contribution to not only reducing greenhouse gas emissions but helping to drive investment in jobs and economic opportunity in our city in the area of low carbon technologies.
Our legislated greenhouse gas reduction targets and our 90 per cent renewable energy target are being facilitated by investments made under our feed-in tariff schemes. This strategy is achieving its ambitious targets at a very modest cost to our community. We are on track to transition to 90 per cent renewable energy by the year 2020. That is years ahead of other Australian states and territories, with the exception, of course, of Tasmania, with its very rich hydro-electricity sources.
Significant renewable energy projects have been built or been headquartered here in the ACT. This has seen the potential for further industry development in the future. We are growing employment, we are developing research and skills centres, we are attracting industry and students to our city, and we are doing so with strong community support.
The government’s first three wind energy projects, which I announced earlier this year, will deliver low cost clean electricity with enough power to meet the needs of over 100,000 homes, one-third of the territory’s electricity demand. Once complete, the government’s suite of renewable energy projects will be the key mechanism for achieving a 40 per cent reduction in emissions at a low cost to consumers. So the bill before us today, Madam Speaker, will help us improve upon the remarkable success of the schemes that are creating long-term benefits for our economy and for our environment.
The schemes will deliver our renewable energy target at a cost that is affordable. They will deliver the largest proportional reduction in greenhouse emissions of any Australian state or territory ever and they will deliver investments that diversify the economy, create skilled jobs and facilitate Canberra’s emergence as an internationally recognised centre for renewable energy innovation and investment. These achievements put us at the forefront of renewable energy policy nationally and we are helping to inspire other jurisdictions to implement similar measures.
The amendments before us in this bill are largely small and technical in nature but they will ensure that our FiT schemes continue to work effectively into the future. They will provide future governments and industry with the flexibility needed to grasp the opportunities. They will do so by allowing government to take advantage of future technologies for the benefit of consumers through lower prices.
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